I’ve been developing my plan for a new coworking space for about six months now and finally reached the point of opening negotiations with landlords this week. Some have already offered to throw in tenant improvement dollars to help with my build-out, which prompted me to double-check my build-out estimates with a local architect who understands the type of space I want to create. I asked him what I should budget for the build-out of a 6,000 sq ft space - bearing in mind that I’m not planning anything opulent - and he estimated (by rule of thumb) $55/sqft. If your eyes are popping out of your head right now, we’re on the same page, because that would amount to $330,000!!! So my question is…
WHAT DID EACH OF YOU BUDGET AND/OR ACTUALLY SPEND ON YOUR INITIAL BUILD-OUT? (in total or per sq ft, bearing in mind that build-out does not include furnishings or equipment)
I realize answers will vary a lot based on prior use of the space or the condition it was in when you found it. Most of the spaces I’m considering would be delivered as “warm shells,” meaning one big empty space with utilities (water, power, HVAC) piped in. So while I’d love to hear from as many of you who are open to sharing, I’d especially like to hear from anyone who started with a warm shell of similar size. Thanks in advance!
Founder, Ironfire LLC
http://ironfire.co | @ironfireLB
Long Beach, CA